Insurance firms suffer under restrictive policies

Outdated policies, uncompetitive premiums and restrictive procedures imposed by the government’s Insurance Business Supervisory Board (IBSB) are hindering efforts by newly established insurance firms to find their feet ahead of a plan to open the market to international firms next year, according to industry sources. Several privately run local insurance firms have opened for business […]

Private Insurance Industry Finds its Feet

YANGON — Private insurance in Myanmar is still in its infancy and will need time to fully develop after more than half a century of domination by a government-owned company, say some of those now hoping to transform the industry. Earlier this year, Myanma Insurance, the sole insurer in the country since 1952, took the […]